Hi, I’m looking at a small block of units that are Torrens Title. I am considering buying and converting it to Strata, doing a minor refurb and reselling it. Does anyone have any idea of the costs, the requirements and pitfalls of conveting Torrens to Strata Title (I’m in NSW)? Thanks, John
JV
Hi John,
not sure what’s happening in your neck of the woods but in SA I don’t think they do too many (if any) strata titles these days. Most places that are developed (ie knock a house down build 3 units) are done on community titles which gives each individual owner more freedom. I don’t know heaps but I think the driveways/sewers might be shared but you don’t have to get permission to change things in your unit, unlike a strata.
I’m currently subdividing a block of land (a different scenario I know) and will sell the block of land once complete and keep the house. We will be changing the current torrens title to community ata cost of around $15k, so it’s not a cheap exercise.
Your best bet is to ring the local, your PlanningSA equivalent or a solictor who specializes in converting titles. Then you’ll know what you’re up against and how much you would need to sell the units for at the end.
Good Luck
MikeHi John,
Im only new, Im studying real estate at the moment and we have just toushed on Strata and Torrens Title. Dont know much about it but I know that the convertion can take many years to convert, sometimes exceeding a 6 year period. I hope this may help you a little.Goodluck
Josh
I have big hopes and dreams.
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